ISSN : 2663-2187

T he Future Of Cross Border Insolvency In India : A Critical Study

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Akash Adak, Dr. Varinderkaur
» doi: 10.48047/AFJBS.6.12.2024.1579-1588

Abstract

“Cross-Border Insolvency”helps debtors obtain coordinated resolutions across international borders in distress. This research paper looks into the foreign element of insolvency in India and emerging trends under the global legal framework. It examines major issues of the United States, Britain, and Indian insolvency laws regarding the application and efficiency of the “UNCITRAL model law” on Cross-Border Insolvency. The paper discusses the current legal perception of national and international legislation, judicial decisions, and academic works concerning insolvency. Using comparative analysis, the study examines how these jurisdictions deal with issues such as recognition of proceedings conducted in other jurisdictions, the stay of related proceedings, and positions on cooperation frameworks. In general, research still show the greater maturity of the US and UK legislation compared to the rapidly growing Indian scenario, and future trends have been made for improving the convergence of legislation and promoting international integration. Thus, the research aims to draw attention to the fact that India needs to merge further and adopt international standards on the legal framework facilitating Cross-border insolvency.

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